February 1, 2019

The site of the Mission Gateway mixed-used development at Johnson Drive and Roe hasn’t had much construction activity in the past few weeks — and it’s raised some questions from Mission residents.

Developers say the lack of activity has been on account of the cold as well as the ice and snow from winter storms. Besides that, GFI, the development partner working with Cameron Group LLC lead Tom Valenti on the project, has two other major projects in the Kansas City area and only has so much personnel to go around.

However, Andy Ashwal with GFI said the project is actually ahead of construction schedule, even though they’ve only had seven to 10 productive work days in the past six weeks. GFI has employed staff to make the most out each of those work days in order to stay on track and exceed the schedule.

But what’s more “exciting” for the development as a whole is the developers in early December signed on a 90,000-square-foot retail entertainment tenant, which will go alongside the 40,000-square-foot food hall that will be curated by chef Tom Colicchio. The new developments have “caused us to shift the business plan.” Ashwal said the developers plan to speed up construction to match the needs of the entertainment tenant.

“Instead of the phased approach that we had before, which impacted how we go ahead and capitalize the project, we had to shift that so we could capitalize the entire project so it can be built, essentially, simultaneously all at once with design and flowing right into construction for the entire project,” Ashwal said.

Valenti said the name of that tenant will be announced “soon,” which could mean the next month.

Meanwhile, the developers also signed on with Mission Capital to represent the developers and capitalize the project.

“We’ve got to have plans done for all of these components in order to get our financing, so we are really focusing on the plans more so now than we are on the construction,” Valenti said. “We’re way ahead on schedule on the construction, and the construction can wait for a period of time while we get this all moving forward.”

Ashwal said developers expect to complete construction and fully activate the site in the first half of 2021. The last piece of the development to be completed will be the 200-key hotel component.

Additionally, the following components will come into place:

    • 7

5,000-square-foot office building to be complete in the fourth quarter of 2020

  • 169 apartments and 50,000-square-feet of small shop retail below them will be ready in summer 2020
  • Plans for a parking structure are also in the works. Construction for the 90,000-square-foot retail tenant in summer 2020

 

See more here:

January 30, 2019

Starcity has received a $14.5M construction loan for the redevelopment of a Tenderloin building into a 55-unit co-living facility.

Mission Capital Advisors’ Debt and Equity Finance Group arranged the loan for the co-living company for the property at 229 Ellis St. in San Francisco.

Starcity bought the building, which has an interesting history, in March. The property was built in 1910 and operated as a Turkish bathhouse for more than 70 years. It had been vacant for more than a decade before Starcity bought it.

There was a lot of interest among lenders for the construction loan.

“Co-living is still a relatively new property type, but we’ve now worked on several of these transactions and are beginning to see increased interest from the lending community,” said Mission Capital’s Matt Polci, who, with Alex Draganiuk and Justin Hunt, secured the loan. “By employing a competitive process in our lender outreach and underscoring Starcity’s track record of success, we were able to generate several strong bids. We ultimately structured this very favorable nonrecourse financing from Ready Capital Structured Finance.”

The building will undergo a complete gut renovation. Construction is expected to be complete in the fall.

Following the pattern of other Starcity properties, the 27,542 SF building will be converted into a fully furnished co-living property with amenities such as community meals, WiFi, 24/7 laundry and cleaning services.

Starcity has 10 Bay Area properties, recently expanded into the Venice Beach area of Los Angeles and has plans for two ground-up co-living developments that will include what the company asserts will be the largest co-living project in the world.

The 55-unit 229 Ellis property will be the company’s largest to date. The project is three blocks from Union Square and near transit.

“We love working with innovative developers, and we’re very proud to participate in Starcity’s efforts to redefine residential living and to create affordable housing alternatives in dynamic neighborhoods in high cost of living cities,” Draganiuk said. “With rental rates climbing across the Bay Area, it’s particularly important for developers to find creative housing solutions, and we’re excited to help Starcity turn 229 Ellis — as well as other projects in their pipeline — into a reality.”

See more here:

Tenderloin Co-Living Development Secures Construction Financing

February 13, 2019

Mission Capital Advisors arranged $14.5 million of non-recourse financing for 229 Ellis Street in San Francisco’s Tenderloin district. The borrower, Starcity, plans to use loan proceeds to completely transform the 27,542-square-foot property into a co-living community with 55 units.

The historic property was built in 1910, and was operated as a Turkish bathhouse for more than 70 years. After lying vacant for a decade, Starcity acquired the building in March 2018. Starcity communities include a private, fully furnished bedroom, complemented by shared kitchens and living spaces, so residents can be a part of a greater community.

Mission Capital’s Matt Polci, Alex Draganiuk and Justin Hunt secured the loan from Ready Capital Structured Finance.

Starcity has six communities open in San Francisco and Los Angeles, and hundreds of units coming online in 2019.

See more here:

Download icon PDF File Download

Two Factors to Consider for Multifamily Development

Published on GlobeSt.com
By Jillian Mariutti

Jillian Mariutti is director of debt and equity finance at Mission Capital Advisors.

(January 29, 2019) — The real estate development process is wrought with an array of potential landmines, and developers embarking on new projects always look for deals with enough upside to compensate for the inevitable snafus along the way. However, a reasonable expectation of upside only exists in a market where the rent-to-income ratio is not out of control.
According to the Department of Housing and Urban Development, individuals and families who spend more than 30 percent of their total household income on housing are classified as “rent-burdened.” And while these metrics are of critical importance to housing advocates and local governments seeking to provide relief to a rent-burdened population, the same numbers are extremely relevant for real estate developers. In cities such as Boulder, Colorado and Tallahassee, Florida – each of which has distinct merits – the upside for multifamily developers is muted, as each market’s median gross rent surpasses 40 percent of the city’s household income. (All figures are based on Governing.com’s metrics, sourced from the U.S. Census Bureau and 2010-2012 American Communities Survey Estimates).

Generally speaking, multifamily developers want to set their sights on cities where that metric is below 30 percent, providing an opportunity to grow rents.
What cities fall in this “sweet spot”? Not surprisingly, markets in some of the country’s fastest-growing regions. For example, Bellevue, Washington – just outside of Seattle – clocks in at a strong 23.9 percent. As the headquarters of Fortune 500 corporations such as T-Mobile and Expedia, Bellevue seems to be a veritable model of stability, where developers can have confidence that a professional workforce will retain its well-paying jobs.

Texas has a number of attractive markets, including the Dallas suburbs of Plano and Frisco, which clock in at 26.4 percent and 25.8 percent. Dallas, Houston and Austin measure in at respectable 29.2, 30 and 31 percent, respectively. The west Texas city of Odessa outperforms all of these markets, with a ratio of 25.2.

Of course, it should be noted that cities that “perform” poorly – i.e. cities with a high rent-to-income ratio – are not necessarily markets that are struggling economically. Like any ratio, the figure can climb to excessive levels based on either a high numerator or a low denominator; in other words, it changes based on either expensive housing or a weak economy. While both sets of markets indicate locales developers will likely want to avoid, they also represent a proverbial tale of two cities, with depressed Flint, Michigan (49.3) on one hand, and gateway markets like Miami (40.0) and Los Angeles (36.8) on the other. While the gateway markets may have booming economies, incomes have not kept up with the pace of housing costs, which has made those cities particularly rent-burdened.
There are a host of factors that go into the decision of where to build, but the ability to add value is one of the most important. While many seek out markets that boast a strong economy or favorable rental rates, one of these alone is not enough to assure success. But by conducting a rigorous analysis – including an assessment of the rent burden in the local market – developers can put themselves in position to reap maximum value from their efforts.

Jillian Mariutti is director of debt and equity finance at Mission Capital Advisors. She can be reached at jmariutti@missioncap.com. The views expressed here are the author’s own and not that of ALM’s Real Estate Media.

Property is in the final stages of significant capital improvements campaign.

MIAMI (Jan. 27, 2019) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged a $26-million, non-recourse bridge loan for 44 West Flagler Street, a 164,000-square-foot office building in downtown Miami, Florida. The Mission Capital team of Jeff Granowitz, Ari Hirt and Daniel Azizi represented property owner Brickman in securing the floating-rate financing from a mortgage REIT. The transaction closed on December 20. After acquiring the property in 2016, Brickman implemented significant capital improvements to the 26-story building, including large-scale renovations to the building’s entranceway, lobby and building systems, and the addition of tenant amenities, including a conference facility and a fitness center. With renovations now substantially complete, the building has been transformed into one of the most attractive commercial properties in its class.

“Brickman is well-regarded across the country as a strategic investor with the ability to add value to existing office assets,” said Hirt. “There is appetite in the capital markets for transitional assets with strong sponsorship, and Brickman’s stellar reputation across the industry was instrumental in our ability to attract lender interest.” With its location in downtown Miami, the property is conveniently located near various mass transit options, and is within walking distance of MBTA, Metromover and Brightline Railway stops. The property is also less than one mile from Miami World Center, an under-construction mega-development which will include 300,000 square feet of retail space, 500,000 square feet of office space, several acres of open space, and a Marriott Marquis World Convention Center Hotel with 1,800 rooms and 600,000 square foot of convention space.

“Brickman has done an incredible job of refashioning this office building into a best-in-class commercial facility, and the success of the capital improvements campaign was a key part of the successful execution of this deal,” added Azizi. “While we were dealing with a compressed timeframe to ensure that the deal closed by year-end, we cast our net to a wide range of lenders, and ultimately had both banks and non-bank lenders bidding on it. The interest we generated translated into several very strong offers, and we were able to lock in this floating-rate deal with strong leverage and extremely competitive pricing.” Brickman is a leading New York-based real investor and operator that has owned, operated, leased and asset-managed more than 8.6 million square feet of office property. The firm’s current office portfolio of 2.3 million square feet includes properties in eight markets across the United States.

Welcome to your new favorite podcast.

Jillian Mariutti was recently interviewed on Priority Status by JPR to discuss the Hottest US Hotel Markets and how they are funded. Priority Status brings you interviews with industry heavyweights, trendsetters, hotel leaders and top media.

Subscribe here and check me out on Episode 15: http://bit.ly/PriorityStatusbyJPR

Learn more about the Priority Status podcast: https://soundcloud.com/jpublicrelations

The dual-branded hotel in Amarillo, Texas, will be converted from an existing 229-key property. Mission Capital arranged financing for the project on behalf of developer Ram Hotels.

January 14, 2019

Ram Hotels has secured acquisition and renovation financing to convert an existing hotel in Amarillo, Texas, into the first-ever dual-branded Marriott and Starwood property. The developer will transform the existing 229-key property into a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

Located at 1911 E. Interstate 40, the site is in close proximity to Amarillo’s downtown business district and Amarillo International Airport. The city is the largest in the Texas Panhandle and draws tourists for its events that include the Tri-State Fair & Rodeo.

Amenities at the converted property will feature a 24-hour fitness center, an outdoor pool, patio deck with grills and a fire pit. Additional improvements will include removing the existing atrium, large-scale upgrades to guestrooms and a complete facelift to the property’s facade.

Mission Capital Advisors arranged the non-recourse, floating-rate loan. The team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year mortgage from Stonehill Strategic Capital.

Most recently, Marriott rebranded and opened a 186-key Four Points by Sheraton in Toronto.

Mission Capital closes Amarillo hotel loan

February 6, 2018

Mission Capital Advisors’ Debt and Equity Finance group arranged a non-recourse, floating-rate loan for the acquisition and renovation of a 229-key hotel at 1911 East I-40 in Amarillo, Texas.

The existing property, which currently operates as an unflagged hotel, will be re-created as a dual-branded hospitality property comprising a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year loan from Stonehill Strategic Capital.
Stonehill, which specializes in value-add deals, was attracted to the sponsor’s local market expertise.

See more here:

Download icon PDF File Download

Leading developer acquires 1.26-acre property with plans to develop
67-unit luxury condominium property

 

HOUSTON (Jan. 3, 2019) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged a $7.3-million non-recourse land loan for the acquisition of 5656 San Felipe Street, a 1.26-acre development site in Houston. The borrower, Houston-based Pelican Builders, is working to finalize plans for an as-of-right, 17-story condominium project, which will include 67 luxury residences and 191 parking spaces. The Mission Capital team of Jason Parker, Steven Buchwald and Alex Draganiuk arranged the financing from a national real estate finance company.

Located at the nexus of the highly desirable Galleria/Uptown and Tanglewood neighborhoods, the 322,708-square-foot property will provide the area with much-needed luxury residential product. Current plans for the development call for 67 well-appointed residences with on-site amenities that include a pool deck, resident lounge, state-of-the-art fitness center and a dog park. The project is expected to break ground in October 2019.

“Pelican is one of most seasoned condo developers in the region, and we received a lot of interest from capital providers interested in providing them with the land loan that will pave the way for the condo development,” said Parker. “With the property’s strong location and the unmet demand for luxury condos in this prime area of Houston, we were able to structure favorable financing with a national real estate finance company.”

With its central location near leading commercial and residential neighborhoods, the development will offer residents easy access to a wide range of shopping and cultural / entertainment options, including Whole Foods, iPic Theater and the Houston Country Club. It is within 1.5 miles of The Galleria, the fourth largest retail complex in the country, with high-end tenants including Saks Fifth Avenue, Nordstrom and Neiman Marcus.

Houston-based Pelican Builders has been active in residential development for more than 40 years. Led by Robert F. Bland, Robert F. Bland, Jr. and Derek Darnell, the company’s portfolio includes more than 2,000 residences, spread across high-rise and mid-rise buildings, townhomes and apartment projects.

 

 

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California, and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across debt, mezzanine, and JV equity placement; commercial and residential loan sales; and loan portfolio due diligence and valuation. Mission Capital Advisors is extremely active in arranging financing for office, industrial, multifamily, retail and self-storage properties across the country. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of financing and loan sale transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.

Well-situated within Amarillo, Texas, existing hotel will be converted into the first dual-branded Marriott and Starwood property

AMARILLO, Texas (Jan., 2019) — Mission Capital Advisors today announced that its Debt and Equity Finance group has arranged a non-recourse, floating-rate loan for the acquisition and renovation of a 229-key hospitality property at 1911 East I-40 in Amarillo, Texas. The existing property, which currently operates as an unflagged hotel, will receive extensive upgrades and be re-created as a dual-branded hospitality property comprising a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

The property renovations will convert the existing hotel into the market’s leading lodging facility, replete with amenities including an outdoor pool, patio deck with grills and a fire pit, and a 24-hour fitness center. Property improvements will include removing the existing atrium, giving a complete facelift to the property’s exterior and large-scale improvements to each guest room.

The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year loan from Stonehill Strategic Capital. In Stonehill, Mission Capital identified a hospitality lender specializing in value-add deals, which was also attracted to the sponsor’s local market expertise. With the lender drawn to the deal’s strong debt yield, Mission Capital was able to structure very strong terms, including 80-percent leverage.

The largest city in the Texas Panhandle, Amarillo is a major transportation hub with the lowest unemployment rate in Texas and a strong economy that is projected to grow in the years ahead. The city also features a significant amount of tourism, with visitors from Texas and beyond flocking to Amarillo for the Tri-State Fair & Rodeo and other cultural events.

The Project will be the first dual-brand conversion between Marriott- and Starwood-branded hotels. With the property’s strong location off of I-40, both hotels are poised to benefit from their proximity to Amarillo’s downtown business district and Amarillo International Airport.

Founded 34 years ago, Ram Hotels is an experienced hotel developer and operator. Since its inception, Ram Hotels has built eight hotels totaling 700 keys throughout Texas, including more than 500 keys in the Amarillo market. Ram currently owns and manages nine hotels totaling 1,500 hotel rooms.

 

 

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California, and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.

First-Ever Marriott, Sheraton Hotel Takes Shape in TX

January 14, 2019

The dual-branded hotel in Amarillo, Texas, will be converted from an existing 229-key property. Mission Capital arranged financing for the project on behalf of developer Ram Hotels.

Ram Hotels has secured acquisition and renovation financing to convert an existing hotel in Amarillo, Texas, into the first-ever dual-branded Marriott and Starwood property. The developer will transform the existing 229-key property into a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

Located at 1911 E. Interstate 40, the site is in close proximity to Amarillo’s downtown business district and Amarillo International Airport. The city is the largest in the Texas Panhandle and draws tourists for its events that include the Tri-State Fair & Rodeo.

Amenities at the converted property will feature a 24-hour fitness center, an outdoor pool, patio deck with grills and a fire pit. Additional improvements will include removing the existing atrium, large-scale upgrades to guestrooms and a complete facelift to the property’s facade.

Mission Capital Advisors arranged the non-recourse, floating-rate loan. The team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year mortgage from Stonehill Strategic Capital.

Most recently, Marriott rebranded and opened a 186-key Four Points by Sheraton in Toronto.

Download icon PDF File Download

Mission Capital Arranges Acquisition Financing for 229-Room Hotel in Amarillo

January 14, 2019

AMARILLO, TEXAS — Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel in Amarillo. The new ownership will rebrand the property as a dual-branded asset consisting of a 106-room Marriot Fairfield Inn & Suites and a 123-room Four Points by Sheraton. Renovations will deliver upgraded amenity spaces, as well as a facelift to the property’s exterior and each guestroom. Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital arranged the financing through Stonehill Strategic Capital on behalf of the borrower, Ram Hotels.

See more here:

Download icon PDF File Download

January 2, 2019 – Richmond, ID

Mission Capital Advisors, a national firm, is handling the marketing of the real estate sake of the former Marsh Store, which was sold in a sheriff sale nearly a year ago to Wells Fargo Bank.

Cox Supermarkets, which had operated groceries in the city since the mid-1940s, sold the South E Street site to Marsh in 1999. The 14,730-square-foot building was home to a Marsh store until it closed in March 2017 as the regional grocery chain went under. It’s been vacant since.

The last remaining Marsh store in Richmond, ID, at 501 National Road W., is now called Needler’s, after it was bought along with several others by Ohio-based grocer Fresh Encounter.

According to online property tax records, the assessed valuation for the South E Street property is $230,500.

See more here:

December 20, 2018

The Chapel Ridge shopping center in northwest Fort Wayne will take bids on two buildings next month.

New York-based Mission Capital Advisors, working with Fort Wayne’s Sturges Property Group, will accept bids on behalf of the unnamed owner Jan. 8, 2019, according to a statement released Dec. 11. The property is real estate owned.

The property is a two-building, 8-unit, 46,641-square-foot shopping center on a 1.27-acre site near the Interstate 469-Indiana 37 interchange.

The center is shadow anchored by several national tenants including Walmart, Michaels and Kohl’s that draw shoppers into it.

Six tenants currently occupy the property up for bid, including Buffalo Wild Wings, Ziano’s Italian Eatery, Goodwill and a local swim store. Two spaces are vacant.

The majority of leases are set to roll over between 2020 and 2026.

Bids will be accepted at https://market.missioncap.com/memo/new?id=0063800000mJCpCAAW.

Former Toast & Jam gets Redemption

Redemption House Executive Director Tomra “Tomi” Cardin got plenty of hugs from a couple of dozens supporters after the Fort Wayne Board of Zoning Appeals on Dec. 13 approved the group opening a second site in a historic house in downtown.

Redemption House’s first location is at 2720 Fairfield Ave., where it has space for 13 women who are former nonviolent offenders referred there by the Allen Superior Court’s Re-entry program and outlying areas. They participate in skills classes, job training and other courses to prepare them to transition back into the community.

The second house is the Bostick-Keim Mansion at 426 E. Wayne St. The added location will allow the program to double its capacity by providing room for another 16 women, according to its application.

The program plans to move into the Queen Anne Victorian built in 1888 after the first of the year. The house has seven bedrooms and three full baths. Some of the features include oak woodwork, five fireplaces and stained-glass windows. The home comes with a three-car garage.

“Residents take care of the home while working jobs,” Mark Bains, an attorney with Barrett McNagny, who was representing the program, told the zoning board.

The program started as Wings of Hope in 2012.

Not all women who are referred to redemption are accepted.

“Residents are well-behaved or they’re not there,” Bains told the zoning board.

Weigand opens South Bend office

Weigand Construction Co., of Fort Wayne, a provider of construction management services, is expanding into north central Indiana with its new office completed earlier this year in downtown South Bend. Weigand’s new office, at 108 N. Main St. on the second floor of the historic JMS building, provides pre-construction, construction management, general contracting and design build services to the local market.

“In recent years, Weigand has been involved in an increasing number of projects in the north central Indiana region,” Jeremy Ringger, Weigand president, said in a statement. “Opening an office in South Bend will allow us to improve upon our existing presence while continuing to provide exceptional service to the Michiana community.”

Weigand recently completed construction of the Angela Athletic and Wellness Complex at Saint Mary’s College, a nursing simulation lab at Bethel College, and the Harris Track & Field Stadium at the University of Notre Dame, all in the South Bend area.

Ongoing projects include the Marshall County Aquatic Center in Plymouth, a 40-bed Vibra Health Rehabilitation Hospital in Mishawaka, the Andreasen Center for Wellness at Andrews University, and a lean-designed beam processing center for Lippert Components in Goshen. All four projects are new construction, and all are scheduled for completion in 2019.

Weigand Construction was founded in 1906 and serves clients throughout the Midwest. It has over 300 skilled tradespeople and annual revenues above $200 million.

The Zacher Company

Fletcher Moppert and Steven Zacher represented the seller, Trelleborg Seal, in the sale of a 48,500-square-foot industrial building at 1151 Bloomingdale Drive in Bristol to 1151 Bloomingdale Drive LLC.

Moppert represented both the landlord, P&A Realty Inc., and the tenant Fastenal in the lease extension of 7,500-square-foot industrial space at 4105 Engleton Drive, Fort Wayne.

Evan Rubin represented the buyer, I.O.O.F Harmony Lodge No. 19 Inc., in the purchase of a 4,912-square-foot office building in Sleepy Hallow Professional Offices at 7325-7327 W. Jefferson Blvd., Fort Wayne.

John Adams represented both the landlord, Boulder Ridge Professional Offices Corp., and the tenant, G6 Communications LLC, in the lease of a 1,680-square-foot office space at 10848 Rose Ave., New Haven.

Joy Neuenschwander and Moppert represented both the landlord, Alea Properties Office I LLC, and the tenant, Larson Financial Group LLC, in the lease of a 1,319-square-foot office space at 7230 Engle Road, Fort Wayne.

Neuenschwander represented the landlord, DCL Scott Corp., and Neuenschwander and Rubin represented the tenant, Long Tail Corp., in the lease extension of a 1,106-square-foot office space at 5738 Coventry Lane, Fort Wayne.

Adams represented the landlord, Harrison/Wayne LLC, in the lease of office space at 203 W. Wayne St., Fort Wayne, to Jarencio Valcarcel.

Bradley Company

Lucas Demel and Steve Chen represented the landlord, BRV‐X LLC, in the lease negotiation of retail space for a wireless tenant at the new Dupont Pointe Shopping Center, 5131 E. Dupont Road.

Demel and Chen represented the landlord, BRV‐X LLC, and the tenant, the Guy’s Place, in the lease negotiation of retail space at the new Dupont Pointe Shopping Center, 5131 E. Dupont Road.

SVN-Parke Group

Diana Parent represented the landlord of the PNC Center and the tenant, Headwaters Park Alliance, in their lease renewal of Suite 2012.

Whitney Peterson represented the landlord of the PNC Center and the tenant, Christopher Alexander, in a new executive suite’s lease for Suite 2102.

Parent represented the seller, Brookside Community Church in the sale of 5.44 acres at 6031 Evard Road.

Troy Reimschisel and Anna Bowman represented BOER Inc., the landlord of 4115 Clubview Drive, in the recent lease of 2,500 square feet of flex space to Franchise World Headquarters LLC.

LISA ESQUIVEL LONG is a freelance journalist who is filing in for Business Weekly Associate Editor Linda Lipp while Lipp is out of the office.

See more here:

NEW YORK (Dec. 20, 2018)

Mission Global, a leading mortgage services due diligence business, today announced that it has hired two industry veterans to expand its business development team. The new executives, David Tiberio and Tyler Julian, will both serve as directors at Mission Global and will report to Mission Global Chief Marketing Officer Dwight Bostic.

 

For Mission Global, the expansion of the business development team is a key part of scaling the company’s growth with the goal of providing its leading due diligence services to a wider portion of the industry. Founded in 2015 through the merger of Mission Capital Advisors’ mortgage services business unit and Global Financial Review, Mission Global has quickly become a single-source solution for institutional clients looking to buy, sell, manage and securitize commercial and residential loans.

 

“Over the past few years, we’ve worked to expand Mission Global’s services and build out our proprietary technology suite, which has enabled us to provide our clients with an unmatched mortgage services offering,” said Bostic. “David and Tyler both bring Mission Global a wealth of diverse experience across the real estate and financial fields, and the contacts and background they each have will be instrumental to our continued success.”

 

Tiberio comes to Mission with 30 years of experience across the financial services, mortgage banking and real estate industries. He served most recently as a vice president at LenderLive, a national title agent, where he focused on new business initiatives. Earlier in his career, he served as vice president of national accounts for mortgage servicing / default at First American Title Insurance Company, and held a range of finance, REO portfolio management and mortgage servicing roles at Bank of America.

 

“With Mission Global’s expertise at providing quality control and due diligence work, we’re able to provide material value to institutional investors buying and selling loans as well as other market participants,” said Tiberio. “With market dynamics changing rapidly, there is a tremendous opportunity for Mission to provide these services to a broader swath of the market, including SFR investors looking to divest of their holdings at the peak of the market. I’m eager to tap into my real estate, financial services and mortgage background to help foster the firm’s continued growth.”

 

Julian joins the Mission Global team with 30 years of experience, including a financial services and mortgage banking background that covers the entire suite of end-to-end solutions throughout the life of the loan cycle. Julian served most recently as a national sales executive at Old Republic Title, where his primary initiative was focused on the growth of mortgage-related services. Earlier in his career, he was vice president of mid-market sales for First American Title, national sales manager mid-market for LSI/ServiceLink and western regional manager VP of Chase Home Finance.

 

Mission Global has built its reputation offering origination services, due diligence, title and collateral services for some of the largest clients in the industry, but a large part of the firm’s success is attributable to the firm’s entrepreneurial and results-driven approach,” said Julian. “With a finger on the pulse of the market and a focus on harnessing the power of technology, Mission Global has repeatedly proven itself adaptable and agile, while providing best-in-class customer service. I look forward to working on expanding Mission Global’s market presence, with a focus on lenders, credit unions and servicers in the west and nationally.”

 

About Mission Global, LLC

Mission Global, LLC was formed to unite the capabilities of Mission Capital’s mortgage services business with the extensive due diligence services and experience of Global Financial Review, to create a single source solution for investors.  Mission Global’s services include data integrity review, collateral document review and cure, curative title work, agency delivery and trade support, due diligence and securitization support, regulatory compliance, origination support, re-underwriting, and forensic reviews.  For more information, visit www.missionglobal.com.

Why Mission Capital? Featuring David Tobin (Principal)

New York (12/18/2018)

Principal, David Tobin, discusses why customers choose Mission Capital when evaluating service and solutions providers to execute capital raising or asset sale transactions.

OVERVIEW

Customers often ask us why Mission when evaluating service and solutions providers to execute on capital raising or asset sale transactions. The answer to that is threefold. Mission is a diverse platform which focuses on capital raising and on asset sales. So, we have a multi-pronged relationship with the counter-parties that we work with when representing a customer. Number two, we’ve kept the band together for sixteen years. So, Mission’s been growing since it started in 2002. We now have six offices around the country and all of the key managers that started or came to the firm since the beginning of the firm are still with the firm. And number three is that we will out-hustle, out-work and out-think our competition. We’re nimble, we’re intelligent, e have a great team and we are constantly trying to outdo our competitive set.

DAVID TOBIN’S MISSION CAPITAL MILESTONES

William David Tobin is one of two founders of Mission Capital and a founder of EquityMultiple, an on-line loan and real estate equity syndication platform seed funded by Mission Capital. He has extensive transactional experience in loan sale advisory, real estate investment sales and commercial real estate debt and equity raising. In addition, Mr. Tobin is Chief Compliance Officer for Mission Capital.
Under Mr. Tobin’s guidance and supervision, Mission has been awarded and continues to execute prime contractor FDIC contracts for Whole Loan Internet Marketing & Support (loan sales), Structured Sales (loan sales) and Financial Advisory Valuation Services (failing bank and loss share loan portfolio valuation), Federal Reserve Bank of New York (loan sales), Freddie Mac (programmatic bulk loan sales for FHFA mandated deleveraging), multiple ongoing Federal Home Loan Bank valuation contracts and advisory assignments with the National Credit Union Administration.

BACKGROUND

From 1992 to 1994, Mr. Tobin worked as an asset manager in the Asset Resolution Department of Dime Bancorp (under OTS supervision) where he played an integral role in the liquidation of the $1.2 billion non-performing single-family loan and REO portfolio. The Dime disposition program included a multi-year asset-by-asset sellout culminating in a $300 million bulk offering to many of the major portfolio investors in the whole loan investment arena. From 1994 to 2002, Mr. Tobin was associated with a national brokerage firm, where he started and ran a loan sale advisory business, heading all business execution and development.

Mr. Tobin has a B.A. in English Literature from Syracuse University and attended the MBA program, concentrating in banking and finance, at NYU’s Stern School of Business. He has lectured on the topics of whole loan valuation and mortgage trading at New York University’s Real Estate School. Mr. Tobin is a member of the board of directors of H Bancorp (h-bancorp.com), a $1.5 billion multi-bank holding company that acquires and operates community banks throughout the United States. Mr. Tobin is a member of the Real Estate Advisory Board of the Whitman School of Management at Syracuse University and a board member of A&M Sports / Clean Hands for Haiti.

MORE ABOUT DAVID TOBIN

missioncap.com/team/?member=dtobin